Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1887-05-13

can mines consider this Act to be
that they cabled the whole Of it to the
Cape of Good Hope the moment it
came to hand. The effect of the
measure in the British metropolis is
described by correspondent of tie
New York Times as follows:
"The detailed provisions Of the
Alien Land Act, when made known
here, created the greatest excitement
in financial circles. One great city
speculator tells me that not less than
800 big American land sche mes are
knocked in the head by it. For years
London has been full of American
promoters of all sorts-mines, ranches,
and estates, to sell or float in com.
panies-these ranging all the way
from millionaires to needy adventur-
ers. These gentry are now conscious
that they have sustained . grievous
setback. Dorsey, who recently gave
a great and ostentatious dinner here,
is now in Holland, where he was ne
gotiating with an Amsterdam COM
pany to buy . tract Of several mil
lions of acres in New Mexico, with
view to selling it here to London
syndicate il he succeeded. He is
now badly left, since he will be una.
BILE to find a purchaser here or in
America. Rufus Hatch is also here,
trying to unload a nice little ranch,
and finds himself high and dry. City
investors and agents are in almost a
state Of panic, since it is uncertain
how deeply the clause forbidding aliens
to have even An indirect interest IN
land may shake mortgages and loan
companies. The Mines Company Of
Gresham House, the biggest concern
of negotiating agents in Europe, has
passed a resolution that hereafter it
will refuse to deal with any and all
American mines, lands, and securities
in the Territories, even if the way is
found to evade the law. The fact
has scared the heretofore credulous
English public out of all notion of
touching American investments"
If the foregoing statements do not
exaggsrate the feeling aroused by the
enactment of this law in England, it
is going to lnfict serious and all but
irreparabIe injury on two of our lead
ing interests; irreparable because, il
the law is repealed, that will not re.
pair the harm it has already done.
Confidence destroyed and capital d.
verted into other channels cannot be
restored in day nor by any legisla.
tive proceeding. What renders this
whole business the more stupid and
provoking is the fact that there ex.
listed for this law no necessity what.
ever. Its enactment was wanton and
uncalled-for both as it applies to
these wild lands and the mines. No
public interest demanded it, and no
intelligent portion of the community
asked for it, The author of the bill,
one Payson, q member of Congress
from Illinois, doubtless supposed he
could make some political capital on,
of it by catering to the prejudice en-.
tertained by certain classes agains,
foreign investors. This person, wher
questioned, admitted his ignorance o.
mining matters and the probable
effect the measure would have upor
that industry. That this bill was suf
fered to become law was due prob
ably to its having been passed at the
very close of the session, whereby i
escaped the scrutiny of the othel
members of Congress. That it meets
with universal condemnation through
out the mining regions it is needless
to say.